Who guards the guards?

Timon Molloy (timon.molloy@informa.com), Editor

There’s a saying that a child lives up to or down to its parents’ expectations. A core problem of UK AML regulation is the bar – it’s set so very low; the tolerance of failure is so, so high. The third report [1] from OPBAS (Office of Professional Bodies [PB] Anti-Money Laundering Supervision) is the latest illustration of this pusillanimous approach: politically incorrect as a metaphor it may be but sparing the rod is arguably well and truly spoiling the child.